Arabs, Asia, Russia said planning to drop dollar in oil trade (Full Version)

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pahunkboy -> Arabs, Asia, Russia said planning to drop dollar in oil trade (10/5/2009 5:19:06 PM)

http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar... In the most profound financial change in recent Middle East history, Gulf Arabs are planning -- along with China, Russia, Japan, and France -- to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold, and a new, unified currency planned for nations in the Gulf Co-Operation Council, including Saudi Arabia, Abu Dhabi, Kuwait, and Qatar./snip

Well-- now.    Why would they think they wont run a print press.  If the other countries were so sure they wont run a print press then back it up with gold.  Easy fix.  But they print just as we do.
If you are in America this news is NOT good for your wallet.



kittinSol -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/5/2009 5:33:20 PM)

The dollar has been considered to be a Mickey Mouse currency for years now - in fact, it was Saddam Hussein's decision to start trading oil for euros instead of dollars that precipitated Bush's invasion of Iraq in 2003.

http://usa.mediamonitors.net/content/view/full/17450



pahunkboy -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/5/2009 5:52:48 PM)

quote:

ORIGINAL: kittinSol

The dollar has been considered to be a Mickey Mouse currency for years now - in fact, it was Saddam Hussein's decision to start trading oil for euros instead of dollars that precipitated Bush's invasion of Iraq in 2003.

http://usa.mediamonitors.net/content/view/full/17450


except that we been in Iraq for 17 years now



kittinSol -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/5/2009 5:56:53 PM)

Huh, no, you haven't.



slvemike4u -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/5/2009 9:56:09 PM)

Pahunkboy considers those years between Gulf War I and Bush's folly to be a bit irellevent.....so he sort of just strung them all together and came up with 17......now be a nice lady and go along with it.....sheesh,with some people it's always about the  details.



Politesub53 -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 1:07:49 AM)

Double post deleted......Oppsies. [:)]



Politesub53 -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 1:14:32 AM)

quote:

ORIGINAL: kittinSol

- in fact, it was Saddam Hussein's decision to start trading oil for euros instead of dollars that precipitated Bush's invasion of Iraq in 2003.




You beat me to it Kittin, I have said the same in threads about the reason for the invasion of Iraq ( second time )

The world traded Dollars for oil, anyone needing oil needed Dollars. Therefore they HAD to buy either US goods, or USDollars. I am convinced this came into the thinking regards the causes for the Iraq invasion, even if it wasnt the only reason. It is a more plausible answer than WMD`s thats for sure.

Pahunk is right in that this wont be good for American trade figures but will be good for those currencies used to trade oil.



maz123 -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 7:54:29 AM)

OPEC releases this every five years (or there abouts); you can pay for your oil in any currency that the seller will accept but the three main Oil Futures Exchanges (London, New York and Singapore) quote in American dollars and will do so for many years to come.



UncleNasty -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 7:59:32 AM)

On a similar line the countries named by George II as the Axis of Evil (Iran, Iraq, N. Korea and Libya) had no connection to central banks. To my knowledge they were the only countries that did not.

Uncle Nasty



Sanity -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:01:31 AM)


What we should be looking at right now is the trend of the dollar and its clear that its trending towards absolute worthlessness, its clear that the current administration's policies are not helping matters any, and I think thats what the rest of the world is looking at as well. Its why there are new reports seemingly every day about this country or that organization looking for a way to dump the dollar.

quote:

ORIGINAL: kittinSol

The dollar has been considered to be a Mickey Mouse currency for years now - in fact, it was Saddam Hussein's decision to start trading oil for euros instead of dollars that precipitated Bush's invasion of Iraq in 2003.

http://usa.mediamonitors.net/content/view/full/17450



Kirata -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:06:30 AM)


quote:

ORIGINAL: pahunkboy

In the most profound financial change in recent Middle East history, Gulf Arabs are planning -- along with China, Russia, Japan, and France -- to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold, and a new, unified currency planned for nations in the Gulf Co-Operation Council, including Saudi Arabia, Abu Dhabi, Kuwait, and Qatar.

Oil States Say No

Story includes further analysis.

K.



chiaThePet -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:11:56 AM)


Well, I guess we'll be returning to those glory days of blow jobs for oil.

(slips on powder blue burka, 24.99 at Lola's Factory)

The sacrifices I make for mankind.

chia* (the pet)



Sanity -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:17:20 AM)


I'm no authority on these reports but it makes sense that if these Arab states are looking to dump the dollar they would be doing so in secret and they would deny what they're doing for the simple fact that they do not want the dollar to crash before they can get rid of their dollar holdings.

quote:

ORIGINAL: Kirata
Oil States Say No

Story includes further analysis.

K.



pahunkboy -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:27:09 AM)

The US new about these meetings. tried to get in as an observer and was denied.   My hunch is that we had a spy person or surveillance of it and know all of the details... 



rulemylife -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:32:02 AM)

quote:

ORIGINAL: UncleNasty

On a similar line the countries named by George II as the Axis of Evil (Iran, Iraq, N. Korea and Libya) had no connection to central banks. To my knowledge they were the only countries that did not.

Uncle Nasty



Libya was never part of that Axis.  That was Uncle Ronnie that labeled them as evil.

And it was Bush who decided to give Gadhafi a big hug and smooch and make things all better.



Mercnbeth -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 8:48:30 AM)

quote:

ORIGINAL: rulemylife

Libya was never part of that Axis.  That was Uncle Ronnie that labeled them as evil.

And it was Bush who decided to give Gadhafi a big hug and smooch and make things all better.

Is that where Obama got that idea about "chatting with our enemies"? Now here I thought this actually WAS 'CHANGE!'; however as you point out - it was a Republican administration who did that first.

Amazing huh?



pahunkboy -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 11:21:01 AM)

http://www.youtube.com/watch?v=CwtD_kOlVdc    this guy thinks we will go to war.  



mnottertail -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 11:22:17 AM)

just oh, gawd, hunk.

Ron



Kirata -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 11:33:17 AM)


quote:

ORIGINAL: Sanity

it makes sense that if these Arab states are looking to dump the dollar they would be doing so in secret and they would deny what they're doing for the simple fact that they do not want the dollar to crash before they can get rid of their dollar holdings.

Given the way the Fed's "strong dollar" policy is eviscerating the greenback, it's not just Arab states that are considering it (though I think probably them least seriously of all right now). But hell, that's no secret. It has been spoken of openly and repeatedly by Russia and China, and I believe the UN has recommended a new international medium of exchange as well. Given the complexities involved, however, and the difficulty of getting any group of countries to agree on anything once it comes to actually hammering out the details, I think nobody has to worry that they may wake up tomorrow morning and go, "Oh shit!"

K.






Mercnbeth -> RE: Arabs, Asia, Russia said planning to drop dollar in oil trade (10/6/2009 11:36:00 AM)

quote:

Arab states are looking to dump the dollar they would be doing so in secret and they would deny what they're doing for the simple fact that they do not want the dollar to crash before they can get rid of their dollar holdings.

I'm keeping my fingers crossed that they can keep the secret for at least two more weeks from Friday!



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